Jakarta/Munich, 15 June 2022 – Giesecke+Devrient (G+D) has been selected to advance to the next phase of the Bank for International Settlements (BIS) and Bank Indonesia’s global competition for digital central bank currencies, as part of the third G20 TechSprint.
The G20 TechSprint is an international competition to promote innovation that is held annually by the 20 leading economic nations. This year, the Bank for International Settlements has joined forces with Bank Indonesia to launch a global competition for pioneering Central Bank Digital Currency (CBDC) solutions. Indonesia currently holds the G20 presidency and will host the G20 summit in November on the island of Bali.
A CBDC is the digital complement and alternative to cash. As part of the G20 TechSprint, which is being held for the third time in 2022, G+D has now reached the final round of the CBDC Challenge in the “Enabling Financial Inclusion” category with its Filia solution. Shortlisted teams will be invited to showcase their prototypes in July and winners will be chosen in October by an independent panel. The challenge aims to demonstrate solutions that open up free, secure, non-discriminatory and state-legitimized access to digital currencies for all people, regardless of their status. Particular attention is paid to underserved people and regions that have so far been excluded from digital payments for technical, monetary or social reasons.
G+D Filia is a token-based retail CBDC that resembles cash and is equipped with smart features. It was designed from the outset to enable consecutive offline payments and can be used through smartphones, smart cards, and other forms of digital and hardware wallets without requiring a bank account, disclosure of private data or fees to the consumer.
“We are approaching the final and decisive round of competition with great commitment and much anticipation. The nomination for this challenge final is another important step on the way to design an innovative and, above all, inclusive solution for digital currencies,” comments Dr. Wolfram Seidemann, CEO of G+D Currency Technology. “It demonstrates an acknowledgement of G+D’s CBDC technology and is an indication of its strong positioning among global players. With G+D Filia, we support central banks in fulfilling their mandate to issue a digital legal tender that can be used independently, while guaranteeing far-reaching benefits for businesses and the general public.”
Giesecke+Devrient (G+D) is a global security technology group headquartered in Munich. As a trusted partner to customers with the highest demands, G+D secures the essential values of the world with its solutions. The company develops technology with passion and precision in four major playing fields: payment, connectivity, identities and digital infrastructures.
G+D was founded in 1852. In the fiscal year 2021, the company generated a turnover of 2.38 billion euros with around 11,800 employees. G+D is represented by 89 subsidiaries and joint ventures in 33 countries. Further information: www.gi-de.com.
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Source: Plato Data Intelligence: PlatoData.io